Snap stock prices plummet on forecasts of a 10% revenue decline

Snap stock prices plummet on forecasts of a 10% revenue decline

After the company forecast a revenue decline of up to 10% in the first quarter of 2023, Snap Inc. shares fell precipitously in late trading. Snap reported earnings per share before costs like stock compensation of 14 cents for the fourth quarter that ended on December 31, up from a penny per share in the same quarter last year.

From USD 1.298 million in the prior year, revenue increased marginally to USD 1.3 billion. On a USD 1.31 billion revenue, analysts had predicted 11 cents in earnings per share. Snap’s net loss for the quarter was USD 288 million, including USD 34 million in restructuring costs, as opposed to a net income of USD 23 million the year before.

Adjusted earnings before interest, taxes, depreciation, and amortization were USD 233 million compared to USD 327 million in the prior year.

Read More: Snap shares plunge on predicted revenue decline of up to 10% 

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